Partnership with MyCointainer — staking with Radium is now even easier
By Linda Prior 10th September 2019
Radium asset holders now have the option to stake alongside others
MyCointainer is a staking pool, defined by Binance as a facility that ‘allows multiple stakeholders … to combine their computational resources as a way to increase their chances of being rewarded’. (Source: Binance Academy: https://www.binance.vision/glossary/staking-pool)
We would always advise you to keep your coins in your own wallet if possible, but this is a great alternative if for some reason it is impractical for you to run a node on your own computer, or you find the process too difficult.
It’s quick and easy to create an account and you can start transferring coins, and thereby earning staking rewards, right away. MyCointainer will notify you on a regular basis of your profits. We set up an account in under five minutes and although no coins have been deposited in there yet, this is what the interface looks like — clear and simple.
Pros and cons of the staking pool
For the small to medium investor, the staking pool is the best way to increase their potential staking rewards. Increasing the number of coins you have to stake with by combining with others raises your ‘staking weight’ i.e. the likelihood of your wallet (the pool) being chosen to receive the reward. On the minus side, it does mean that rewards will be split across all the contributors to the pool, but over time this should be offset by the increase in number of blocks found overall, rather like the value store concept where money is made from small profits on a high number of units.
Why enter into this partnership now?
We had never considered a staking pool before as we think that staking your coins via your own wallet is still the best way to earn more coins for helping secure the network; however, over time we have seen a growing number of requests from certain members in the community for us to offer a staking pool option. This is understandable as not everybody is able to, or wants to, run a node themselves. Therefore, when MyCointainer contacted us, we definitely wanted to look into the option.
Radium Core doesn’t take partnerships lightly. The aim is always to find reliable partners to have a mutually beneficial relationship with. In the case of MyCointainer the goal is to share marketing between our audiences whilst supporting our community.
First and foremost we checked out their financial credentials, and were happy to discover that MyCointainer is licensed and regulated by the Financial Intelligence Unit of Estonia to provide services of exchanging a virtual currency against a fiat currency, and to hold and manage virtual currency wallets.
Also important to us is communication. MyCointainer’s communication with us has been prompt, pleasant and professional — we like that.
Hero Asset status — no staking fees
The best news of all is that MyCointainer is 100% supportive of the Radium project. A representative explained that because there is so much online fraud these days, and it is on the increase, the MyCointainer team is keen to enhance awareness of blockchain technologies projects that are working on the areas of identity management, decentralized elections and proof of ownership. As a direct result, MyCointainer has awarded Radium ‘Hero Asset’ status, and that means no fees to MyCointainer — in other words, there are to be no user fees for either staking or withdrawal of coins! Our loyal community members have also had a hand in this: because of your support, and the communication you have had with them, MyCointainer wants to distribute 100% of Radium staking rewards to you.
How do I access my coins?
You can withdraw your investment and profits at any time but in order to do so you will need to verify your account via a straightforward KYC (Know Your Customer) process; please see below.
How safe are my coins?
At the moment we have no reason to suppose that your coins are any less safe than being on an exchange. However, we strongly advise that you go through the KYC process BEFORE depositing any coins in case there is any problem with your application (for example, you are unable to provide the correct documents), in which case you could end up unable to withdraw your funds.
Can I buy Radium at MyCointainer?
At the moment you can only transfer existing Radium from your wallet (or an exchange) into your MyCointainer wallet, but in due course you will be able to purchase Radium direct from their website. We have been told that MyCointainer hopes to have this facility up sometime in September 2019, and will provide an update when we hear more.
Disclaimer: Despite the convenience and other benefits of keeping coins on exchanges or similar third-party mechanisms, we wish to remind our trusted community members that the best option is always to keep your coins securely in your own wallet if you can, and Radium cannot take responsibility for any loss of assets.
